Citigroup Inc (NYSE:C) today reported its financial results for the second quarter of 2023.
The Institutional Clients Group (ICG) delivered revenues of $10.4 billion in the second quarter of 2023, down 9% from the corresponding period a year earlier.
Markets revenues amounted to $4.6 billion, down 13% from the equivalent period in 2022. The strength in the Rates franchise was offset by declines in Currencies and Commodities. Equity Markets revenues were down 10% year on year, with the result reflecting a drop in Equity Derivatives.
Across all segments, results were far from rosy, as net income for the second quarter of 2023 amounted to $2.9 billion, down 36% from the result registered in the year-ago period. Earnings per share decreased 39% from the year-ago quarter amounting to $1.33.
Revenues for the second quarter of 2023 totalled $19.4 billion, down 1% from the result reported in the second quarter of 2022.
